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U.S. consumer prices unexpectedly rose in February but are likely to decline in the months ahead as the coronavirus outbreak depresses demand for some goods and services, outweighing price increases related to shortages caused by disruptions to the supply chain.

Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and the coronavirus fed worries about demand.

U.S. consumer prices unexpectedly rose in February but are likely to decline in the months ahead as the coronavirus outbreak depresses demand for some goods and services, outweighing price increases related to shortages caused by disruptions to the supply chain.

U.S. stock index futures fell more than 2% on Wednesday after strong gains in the previous session, on skepticism about President Donald Trump's stimulus plan to combat the economic impact of the coronavirus epidemic.

The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in a standoff with Russia that has hammered global crude prices.

European stocks rose on Wednesday after the Bank of England joined other central banks in cutting interest rates, raising hopes for more co-ordinated monetary and fiscal stimulus to counter the economic shock from the coronavirus outbreak.

The Bank of England slashed interest rates by half a percentage point on Wednesday and announced support for bank lending just hours before the unveiling of a budget splurge designed to stave off a recession triggered by the coronavirus outbreak.

Oil prices fell on Wednesday, giving up earlier gains, pressured by Saudi Arabia's plans to boost oil production capacity for the first time in more than a decade and weakened demand due to the spread of the coronavirus.

A worker at Equinor's Martin Linge offshore oil and gas development has been diagnosed with the coronavirus and is being held in isolation, the Norwegian energy firm said on Wednesday.

The Bank of England told banks on Wednesday they can tap one of their capital buffers to maintain lending during the coronavirus epidemic, but warned they must not use the cash for bumping up bonuses or dividends.

U.S. stock index futures were down 2% on Wednesday after strong gains in the previous session, with investors growing frustrated about the lack of details on fiscal stimulus floated by President Donald Trump to combat the coronavirus epidemic.

As U.S. President Donald Trump touted the signing of a U.S.-China trade deal in January, he told cash-strapped farmers they would soon need bigger tractors and "a little more land" to meet additional Chinese demand for U.S. agricultural goods.

The Bank of England governor Mark Carney and his successor, Andrew Bailey, spoke at a press conference after the central bank unexpectedly cut interest rates by half a percentage point to 0.25% on Wednesday.

There is no reason why the coronavirus outbreak should damage Britain's economy as badly as the financial crisis did in 2008, Bank of England Governor Mark Carney said on Wednesday.

Executive compensation and coronavirus are likely to be the focus of investor questions at Walt Disney Co's annual meeting on Wednesday - the first to feature the company’s new chief executive officer, Bob Chapek.

Policymakers have taken a range of approaches to deal with the economic fallout from the coronavirus, from emergency interest rate cuts and big spending packages to a wait-and-see-stance and pledges of action if required.

Saudi Arabia said on Wednesday it plans to boost oil production capacity for the first time in more than a decade, a day after it announced a record high hike in crude supply in a battle for market share that has hammered global prices this week.

Oil prices fell on Wednesday, giving up earlier gains, pressured by Saudi Arabia's plans to boost oil production capacity for the first time in more than a decade and weakened demand due to the spread of the coronavirus.

The escalating coronavirus outbreak is giving the U.S. Federal Reserve a policy headache like never before: how to judge the potential impact on the economy in the absence of reliable data on how fast the flu-like illness is spreading across the United States.

A senior U.S. senator on Tuesday accused U.S. firms of willfully ignoring "horrific" forced labor conditions in China's Xinjiang region and called on the Commerce Department to stop American companies and consumers buying goods produced by such labor.